Monday March 10 2014
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: International
Link: http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2014/PR_MIRS.xml
SWIFT has launched a new business continuity solution to support global payment systems. Developed by SWIFT, the Market Infrastructure Resiliency Service (MIRS) is a backup service for Real Time Gross Settlement (RTGS) systems – electronic platforms used for the continuous settlement of high value and multi-currency cash payments between banks.
Central banks and financial market infrastructures operate RTGS systems to ensure effective settlement of high value payment transactions. As a backup platform, MIRS provides a third line of support to RTGS operators experiencing problems with first and second line backup systems. Once active, MIRS provides the essential functions required to achieve final settlement in real-time on a transaction by transaction basis. Once MIRS is deployed, RTGS operators remain in full control of the service while SWIFT manages the technical operations.
Click on the above link for further details.